Hedge Fund Manager Fined for Failing to Comply with HSR Regulations
The FTC fined a hedge fund manager $350,000 for failing to make required premerger notification filings in 2003. Scott Sacane failed to report acquisitions that crossed notification thresholds for a hedge fund in which he was the parent entity. This case demonstrates that the FTC considers the failure to file aserious matter, and will not hesitate to levy large civil penalties even for seemingly minor infractions. The FTC also warned that future enforcement actions could be brought against a fund itself.
For additional information about any of the information addressed in this Antitrust Update, please contact Toby G. Singer, leader of the Health Care Antitrust Practice.